India IPO Boom 2025: Ather Energy, Top SME Listings to Watch This May

India’s IPO Market Set for a Big Comeback as Ather Energy and 4 Promising SME Listings Steal the Spotlight

Mumbai, 28 April: After a subdued start to 2025, India’s IPO market is roaring back to life, with a host of exciting new offerings set to hit the Street this May. From established names in electric vehicles (EVs) to fast-growing SMEs in logistics, chemicals, and edtech, the market is buzzing with opportunities. With investor sentiment improving, several high-profile firms are preparing to float their initial public offerings, providing fresh avenues for growth and diversification in India’s dynamic economy.

1. Ather Energy IPO – INR 2,981 Crore (Opens 28 April)
Sector: Electric Vehicles (EVs)
IPO Size: INR 2,981 crore (Fresh Issue) + INR 354.76 crore (OFS)
Promoters: Hero MotoCorp, NIIF, Caladium Investments

Ather Energy, a leading player in India’s EV sector, is gearing up for a high-profile stock market debut with its eagerly awaited Rs 2,981 crore IPO. The company, backed by heavyweights such as Hero MotoCorp and NIIF, plans to issue 8.18 crore shares within a price band of Rs 304–321 per share. Despite ongoing losses, Ather has positioned itself as a premium brand in the fast-growing EV industry, making this IPO one to watch closely. The issue opens on 28 April and closes on 30 April, with allotment expected by 2 May and listing scheduled for 6 May.

2. Iware Supplychain Services IPO – INR 27.13 Crore (Opens 28 April)
Sector: Logistics
IPO Size: INR 27.13 crore (Fresh Issue)
Price Band: INR 95 per share

Kickstarting the SME action, Iware Supplychain Services is a logistics player aiming to raise Rs 27.13 crore through its maiden public issue. Priced at a fixed Rs 95 per share, the IPO opens from 28–30 April with allotment likely by 2 May. With the SME segment remaining a vibrant part of the primary market, Iware’s offering will further energise the space.

3. Kenrik Industries IPO – INR 8.75 Crore (Opens 29 April)
Sector: Industrial Manufacturing
IPO Size: INR 8.75 crore (Fresh Issue)
Price Band: INR 25 per share

Kenrik Industries, a niche industrial manufacturing player, will raise Rs 8.75 crore through its fixed-price IPO, opening on 29 April. The issue is priced at Rs 25 per share, with listing anticipated on 9 May. While modest in size, the IPO offers an interesting option for investors seeking to diversify into specialist sectors.

4. Arunaya Organics IPO – INR 33.99 Crore (Opens 29 April)
Sector: Chemicals
IPO Size: INR 33.99 crore (Book-Built Issue)
Price Band: INR 55–58 per share

Arunaya Organics, an emerging brand in the chemical industry, is offering a book-built IPO worth Rs 33.99 crore, consisting of 52.60 lakh new shares and offer-for-sale segment. The initial public offering would open on 29 April to 2 May, with allotment by 5 May and listing on 7 May. Those investors hoping to ride the hot chemicals bandwagon should definitely watch this stock

5. Wagons Learning IPO – INR 38.38 Crore (Opening May 2)
Sector: EdTech
IPO Size: INR 38.38 crore (Book-Built Issue)
Price Band: INR 78-82 per share

Wagons Learning, a new player in the EdTech space, will raise Rs 38.38 crore from its IPO, which is fixed at Rs 78-82 per share. Priced at between Rs 78 and Rs 82 per share, the issue opens on 2 May and closes on 6 May with listing on 9 May. With the fast-growing sector of education technology, Wagons is seeking to cash in on India’s digital learning revolution.

6. Tankup Engineers Listing – April 30
Apart from new issues, the market will also witness the listing of Tankup Engineers, following its blockbuster 125x oversubscribed IPO. The company will make its debut on the NSE SME platform on 30 April. Its performance is likely to set the tone for upcoming SME listings.

As India’s IPO market regains momentum this May, a dynamic mix of mainboard and SME offerings promises exciting opportunities for investors. With Ather Energy’s much-anticipated listing leading the charge, the coming weeks could shape the tone for primary market activity in 2025.

Stay tuned as we bring you real-time updates and insights on these developments!